The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Errors in Your Credit Report: Now What?
Your Credit Report Matters
Credit reports contain your personal financial information. Incorrect information can affect your ability to get a loan, rent housing, or get a job because businesses often make their decisions based on that data.
Lenders use credit reports to determine the interest rates on loans; the more creditworthy you appear on paper, the lower the rate you pay. Errors may cause you to pay more.
Many people are surprised to learn that a potential employer turned them down for a job because of negative information on their credit report. Federal law, however, requires that the employer get your permission before pulling your report.
To keep your reports accurate:
Order Your Credit Report
* The Fair Credit Reporting Act requires each of the “big three” credit reporting agencies—Experian, Equifax, and TransUnion—to provide you with one free copy of your credit report, at your request, once every 12 months. Visit annualcreditreport.com to order yours. Watch out for so-called deals that you may not need.
* Check the basics first. Check variations in name, Social Security number, and address. Experian lists all variations reported to it to ensure the consumer has a full account of the identifying information reported and can act on it. Often, variations are simply the use of a nickname or a transposed address digit.
* Verify data. Some can get complicated. If a loan is sold, the lender listed may not be the original.
Get Errors Corrected
* Look for errors. A study by the Federal Trade Commission and another by Policy and Economic Research Council (PERC) revealed similar results: one of five consumers reportedly found errors on their credit reports which could negatively impact their credit score.
When counselors at credit counseling agencies review reports with clients, they often find that the unfavorable information is valid. But when it is in error, it’s important to start the correction process right away.
* Dispute errors. Contact the company that has provided the incorrect information and the credit reporting agency in writing and keep copies. Work with both the source of the information and the credit reporting company to resolve the issue quickly.
We Can Help
Talk to your local Mid Oregon Credit Union Loan Officer, or call us at (541) 382-1795. We can provide some general information, and possibly discuss your report. We can only pull your credit report if you are a member, but if you are not a member, you can bring your own and we would be happy to discuss it with you.
Affording Your First Apartment
Getting your first apartment is one of the big milestones in a young adult’s life. It can also be a little frightening since you don’t know exactly how much money you’ll need to get by. You might be concerned with affording your first apartment. Housing costs in Central Oregon are higher than usual right now. You will need to shop to find the one that fits your situation. But if you follow these easy tips, thriving in your apartment will be a breeze.
How Much Can You Afford?
1. Figure out how much rent you can afford. Find an apartment that costs between 25-35% of your gross monthly income (before taxes and deductions). Also, make sure the landlord tells you about any additional costs, like pet fees, parking, etc. Those fees will need to be included in your budget. If you find a place that is a bit more than you can comfortably afford, you’ll need to get a roommate — one you can rely on to pay their portion.
2. Factor in a security deposit. Many buildings require that you put down one month’s rent as a security deposit. The landlord holds that money until you move out. If you leave the place in good shape, you’ll get the money back. But if you don’t…
What About Your Spending Plan?
3. Create a budget. At first, keep it simple. If possible, use the 50/30/20 rule: 50% of your after-tax income should be spent on Needs, like rent, insurance, groceries, utilities; 30% for Wants, like dining out and entertainment; and 20% for savings, including your 401(k) and an emergency fund. Mid Oregon can help you figure out a spending plan. Check our periodic free budget workshops on our website, or come in to talk to one of our branch staff to point you in the right direction.
4. Get furniture and household items. But don’t get it all at once! Start with the basics, like a bed, shower curtain, pots and pans, etc. See what you can find at thrift shops before buying new.
Keeping Costs Down
After you move in, follow some of these tips to keep your living costs down.
• Eat in as often as possible and pack your lunch for work. A typical lunch can cost you between $8-10 dollars. At 7 meals per week, you’ll pay about $70. Per year, that’s $3,640! Eating in will save you serious money!
• Cancel the cable. The average cable bill is $65 per month or $780 per year. That could buy a lot of groceries instead. You can borrow popular cable shows and movies for free from your local library.
• Reduce energy bill. Adjust your thermostat in the winter so it’s 10-15 degrees cooler at night. Also turn off energy-hogging devices, like gaming consoles, when not in use.
Check articles on our Mid Oregon View blog for additional money-saving tips.
70th Anniversary of International Credit Union Day
Find Your Platinum Lining
October 18, 2018, will mark the 70th anniversary of International Credit Union Day. This year’s theme is “Find Your Platinum Lining.” It combines the traditional gift of platinum for 70th anniversaries with a play on the saying “every cloud has a silver lining.”
Credit unions all over the world will be celebrating the history and the success of the “People-not-Profit” philosophy. This year’s theme emphasizes the credit union movement’s loyalty to its members and its mission to provide them financial support and guidance.
MId Oregon Credit Union’s 60th Anniversary
This year Mid Oregon has been commemorating our 60th anniversary. Since our founding in 1957 by eight Prineville educators, Mid Oregon has been partnering with our members to provide the products and services to help them meet their needs and achieve their dreams. We believe that our focus on the people of Central Oregon has helped us grow from those original 8 to almost 32,000 members and over $300 Million in assets.
A Democratic Movement Over 150 Years Old
The movement began in the 1840s as a democratic consumer cooperative by weavers in Rochdale, England. Frustrated by bankers who denied them loans simply because they weren’t wealthy, the weavers and workers decided to pool their incomes and loan money to each other. In time, this cooperation put each member on solid financial ground and encouraged their own businesses to flourish.
The need for equitable financial institutions grew and, in 1971, the World Council of Credit Unions, Inc. (WOCCU) was created to help establish and maintain viable credit union movements. It has become the leading voice for advocacy and governance on behalf of the international credit union community.
Today, over 235 million people are served by credit unions in 109 countries and 6 continents. To learn more, read the the brief article, International Credit Union Day: A Brief History.